Verve A Credit Union Mortgage Rates, Fees & Info

Oshkosh, WI

LEI: 549300P6ZERWX5BPWX45

Tax ID: 39-0711674

5 stars - out of 5 stars, based on 38 reviews

2021 Data | 2020 Data | 2019 Data | 2018 Data


Overview

Verve A Credit Union is a smaller credit union specializing in Refi, Cash Out Refi, and Home Purchase loans. Verve A Credit Union has a high proportion of conventional loans. Their top markets include Oshkosh, Appleton, Milwaukee, Fond Du Lac, and La Crosse among others. Verve A Credit Union has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Verve A Credit Union is typically a low fee lendor.


Originations

1,463

Origination Dollar Volume (All Markets)

$302,135,000
Show all (11) awards

Relative Rate

Verve A Credit Union's average 30 year fixed rate mortgage of loans were 3.1%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.05%.

Relative Fees

Verve A Credit Union's average total fees for a 30 year fixed rate mortgage are $1,694.

The average total origination fees for 30 year fixed rate mortgages (for all loan values, including both points & up-front fees in addition to origination fees) are $4,750.

Top Markets

Market Originations Total Value Average Loan Average Fees Average Rate
OSHKOSH-NEENAH, WI (FHA|USDA|VA) 643 $100,895,000 $156,913 $1,435 3.02%
APPLETON, WI (FHA|USDA|VA) 184 $50,880,000 $276,522 $1,497 3.21%
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 45 $31,175,000 $692,778 $1,341 3.29%
FOND DU LAC, WI (FHA|USDA|VA) 227 $28,565,000 $125,837 $1,398 3.16%
LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) 95 $27,555,000 $290,053 $1,460 3.24%
Outside of Metro Areas 107 $15,925,000 $148,832 $1,547 3.09%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 56 $11,390,000 $203,393 $2,187 3.27%
Beaver Dam, WI (FHA|USDA|VA) 17 $7,545,000 $443,824 $1,236 3.01%
GREEN BAY, WI (FHA|USDA|VA) 22 $6,650,000 $302,273 $1,783 3.21%
Manitowoc, WI (FHA|USDA|VA) 35 $4,325,000 $123,571 $1,445 3.11%
Whitewater, WI (FHA|USDA|VA) 1 $4,105,000 $4,105,000 $0 3.05%
Baraboo, WI (FHA|USDA|VA) 1 $3,455,000 $3,455,000 $0 3.15%
Marinette, WI-MI (FHA|USDA|VA) 6 $2,020,000 $336,667 $1,563 3.10%
SAVANNAH, GA (FHA|USDA|VA) 1 $1,685,000 $1,685,000 $0 3.00%
WAUSAU-WESTON, WI (FHA|USDA|VA) 4 $1,430,000 $357,500 $1,623 2.96%
Wisconsin Rapids-Marshfield, WI (FHA|USDA|VA) 1 $995,000 $995,000 $0 2.85%
Stevens Point, WI (FHA|USDA|VA) 2 $850,000 $425,000 $1,630 3.05%
MADISON, WI (FHA|USDA|VA) 4 $710,000 $177,500 $1,512 3.16%
RACINE, WI (FHA|USDA|VA) 3 $675,000 $225,000 $1,825 3.25%
Shawano, WI (FHA|USDA|VA) 4 $610,000 $152,500 $1,467 3.37%
EAU CLAIRE, WI (FHA|USDA|VA) 1 $275,000 $275,000 $2,347 2.63%
Watertown-Fort Atkinson, WI (FHA|USDA|VA) 1 $265,000 $265,000 $2,067 2.88%
SHEBOYGAN, WI (FHA|USDA|VA) 3 $155,000 $51,667 $0 3.50%

Verve A Credit Union's top markets include Oshkosh, Appleton, Milwaukee, Fond Du Lac, and La Crosse among others.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average Rate
Conventional 1,463 $302,135,000 $206,517 $1,476 3.11%

For the 2021 period, Verve A Credit Union's most frequently originated loan type of loans were Conventional, with 1,463 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average Rate
Refi 432 $85,410,000 $197,708 $1,253 2.77%
Cash Out Refi 369 $77,575,000 $210,230 $1,372 3.01%
Home Purchase 353 $119,125,000 $337,465 $2,142 3.10%
Home Improvement 166 $10,010,000 $60,301 $809 3.78%
Other 143 $10,015,000 $70,035 $791 3.64%

For the 2021, Verve A Credit Union's most frequently cited loan purpose of loans were Refi, with 432 originations. The 2nd most popular reason of loans were Cash Out Refi, with 369 originations.

Loan Duration/Length

Loan Length Originations Total Value Average Loan Average Fees Average Rate
30 Year 532 $104,030,000 $195,545 $1,694 3.10%
20 Year 350 $34,030,000 $97,229 $1,403 3.38%
15 Year 320 $39,600,000 $123,750 $1,318 2.72%
10 Year 116 $11,570,000 $99,741 $1,128 3.03%
5 Year 114 $102,780,000 $901,579 $426 3.35%
Other 30 $6,120,000 $204,000 $957 3.68%
3 Year 1 $4,005,000 $4,005,000 $0 2.70%

For the 2021, Verve A Credit Union's most frequently cited loan length of loans were 30 Year, with 532 originations. The 2nd most popular length of loans were 20 Year, with 350 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$<1k 1,104 $171,050,000 $154,937

$1,694 of loans were Verve A Credit Union's average total fees, while their most frequently occuring range of origination fees were in the $<1k bucket, with 1,104 originations.

Interest Rates

Loan Rate Originations Total Value Average Loan
3-4% 665 $171,835,000 $258,398
2.5-3% 422 $84,870,000 $201,114
<2.5% 282 $39,470,000 $139,965
4-5% 64 $4,180,000 $65,313
5-6% 20 $1,250,000 $62,500
6-7% 5 $145,000 $29,000
7-8% 3 $335,000 $111,667
Over 8% 2 $50,000 $25,000

During 2021, Verve A Credit Union's average interest rate of loans were 3.10%, while their most frequently originated rate bucket of loans were 3-4%, with 665 originations.

Loan Sizing

Loan Size Originations Total Value Average Loan Average Fees Average Rate
$100k-200k 562 $80,310,000 $142,900 $1,476 2.97%
$100,000 or less 551 $32,645,000 $59,247 $1,183 3.29%
$200k-400k 269 $71,465,000 $265,669 $1,816 3.03%
$400k-600k 34 $15,990,000 $470,294 $2,207 3.06%
$1MM+ 29 $87,435,000 $3,015,000 $3,423 3.17%
$600k-1MM 18 $14,290,000 $793,889 $2,272 3.18%

2021 saw Verve A Credit Union place emphasis on $100k-200k loans with 562 originations, totaling $80,310,000 in origination value.

Applicant Income

Applicant Income Originations Total Value Average Loan Average Fees Average Rate
$50k-75k 334 $38,790,000 $116,138 $1,421 3.04%
$100k-150k 330 $51,660,000 $156,545 $1,521 3.16%
$75k-100k 283 $38,445,000 $135,848 $1,492 3.16%
$50k or less 229 $21,285,000 $92,948 $1,380 2.98%
$150k-250k 135 $26,195,000 $194,037 $1,515 3.13%
$250k+ 37 $13,545,000 $366,081 $2,043 2.89%

Verve A Credit Union lent most frequently to those with incomes in the $50k-75k range, with 334 originations. The second most popular income band? $100k-150k, with 330 originations.

Applicant Debt to Income Ratio

DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
20-30% 444 $61,590,000 $138,716 $1,464 3.03%
30-36% 261 $35,915,000 $137,605 $1,483 3.12%
<20% 162 $22,640,000 $139,753 $1,549 2.83%
42% 58 $8,360,000 $144,138 $1,548 3.16%
40% 56 $7,710,000 $137,679 $1,543 3.43%
38% 50 $7,170,000 $143,400 $1,353 3.36%
39% 50 $6,630,000 $132,600 $1,322 3.25%
37% 48 $6,990,000 $145,625 $1,520 3.06%
36% 43 $6,225,000 $144,767 $1,366 3.17%
41% 42 $7,420,000 $176,667 $1,686 3.24%
43% 33 $4,805,000 $145,606 $1,420 3.34%
44% 26 $3,240,000 $124,615 $1,334 3.05%
46% 20 $3,270,000 $163,500 $1,528 2.99%
45% 17 $1,945,000 $114,412 $1,463 3.32%
47% 14 $1,940,000 $138,571 $1,499 2.73%
49% 7 $855,000 $122,143 $1,697 2.96%
48% 6 $730,000 $121,667 $1,138 3.21%
50-60% 1 $895,000 $895,000 $1,948 2.88%

Verve A Credit Union lent most frequently to those with DTI ratios of 20-30%, with 444 originations. The next most common DTI ratio? 30-36%, with 261 originations.

Ethnicity Mix

Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
White 1,239 $173,635,000 $140,141 $1,466 3.09%
Not applicable 107 $110,385,000 $1,031,636 $0 3.34%
Not provided 71 $10,135,000 $142,746 $1,407 3.09%
Asian 26 $4,980,000 $191,538 $2,019 3.02%
Black 9 $1,605,000 $178,333 $2,190 3.20%
American Indian 7 $695,000 $99,286 $1,215 2.98%
Chinese 2 $410,000 $205,000 $1,808 2.93%
Asian Indian 1 $165,000 $165,000 $2,331 3.00%
Native Hawaiian 1 $125,000 $125,000 $1,130 3.49%

Approval Rates

Total approvals of all applications
90.73%

Verve A Credit Union has an average approval rate.

Pick Rate

Approvals leading to origination
83.22%

Verve A Credit Union has a below average pick rate.

Points and Fees

Points Originations Total Value Average Loan
NA 1,463 $302,135,000 $206,517

Occupancy Type Mix

Dwelling Type Originations Total Value Average Loan
1,463 $302,135,000 $206,517

LTV Distribution

Loan to Value Originations Total Value Average Loan Average Fees Average Rate
20-40% 199 $16,645,000 $83,643 $1,199 3.21%
40-60% 302 $46,860,000 $155,166 $1,400 2.82%
60-80% 518 $133,800,000 $258,301 $1,478 2.98%
80-100% 263 $82,865,000 $315,076 $1,915 3.16%
Over 100% 4 $9,090,000 $2,272,500 $0 3.36%
Under 20% 171 $7,645,000 $44,708 $588 3.80%